REG-PolyFuel Inc. Statement re. Suspension

Released: 08/07/2009

  com:20090708:RnsH2978V
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RNS Number : 2978V  
  
PolyFuel Inc.  
  
08 July 2009  
  
8 July 2009   
  
PolyFuel, Inc.  
  
("PolyFuel" or the "Company")  
  
Suspension of Shares from Trading  
  
The Board of PolyFuel has requested that trading of the Company's shares be 
suspended with immediate effect.    
  
The Board of PolyFuel has previously announced that it was seeking additional 
sources of capital to help fund the completion of the Company's technology and 
product development and to achieve commercial introduction. Equity capital for 
AIM listed development stage companies is very difficult to raise in the current 
economic environment. Although PolyFuel has made significant technical progress 
toward the goal of incorporating fuel cell technology into consumer electronics 
applications, and is widely considered a world leader in this field, 
unfortunately, despite much effort the Company has been unable to secure its 
critical next financing round.   
  
Given the circumstances the Board continues to explore various strategic 
alternatives, including the possible sale of the Company or certain of its 
operations or assets, failing which the Board is of the opinion that it should 
take steps in the near term to wind down the business in an orderly fashion.  
  
Recently, PolyFuel announced two pending U.S. Department of Energy ("DOE") 
program awards. These two awards, totaling US$5,000,000, would provide funding 
to offset the continued development costs of the Company's non-stop power 
technology. PolyFuel has developed a prototype fuel cell power supply that is 
fully integrated with a Lenovo ThinkPad notebook PC and that delivers 10 hours 
of continuous runtime at similar volume but 30% lower weight compared to a 
lithium ion battery. The Company believes its technology represents a 
significant advancement for the portable power market and is the leading 
technology available to the industry today.   
  
PolyFuel's non-stop power technology is based on the Company's patented and 
patent pending hydrocarbon-based fuel cell membrane, and on its novel membrane 
electrode assembly and fuel cell system designs. Together these enable a 
significant simplification in the design of a fuel cell system, and 
corresponding reduction in system size and weight compared to conventional fuel 
cell and battery technologies.   
  
A further announcement will be made as soon as possible.  
  
End  
  
For further information, please contact:   
  
 
  PolyFuel, Inc                                  Tel: +1 650 429 4600      
  Jim Balcom, Chief Executive Officer                                      
  Tom Caldwell, Chief Financial Officer                                    
                                                                           
  Hogarth Partnership Limited                    Tel: +44 (0)20 7357 9477  
  Nick Denton / Ian Payne                                                  
                                                                           
  KBC Peel Hunt (Nominated Adviser and Broker)   Tel: +44 (0)20 7418 8900  
  Jonathan Marren / David Anderson                                         
  
  
 
This information is provided by RNS  
  
The company news service from the London Stock Exchange  
  
  END  
  
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